- Eleven Large Format Forever 21 Stores to Open Doors in February and
March -
SANTA MONICA, Calif., Feb. 23 /PRNewswire-FirstCall/ -- Forever 21 is on
schedule to open 11 large-format stores by the end of March in former Mervyns
locations owned by Macerich(R) (NYSE: MAC), one of the nation's largest
owners, operators and developers of regional shopping centers. This value
fashion retailer will begin the openings on Thursday, Feb. 26.
Macerich purchased 39 Mervyns sites in December 2007 and two Mervyns sites
in first quarter 2008 to gain long-term control of the well-positioned retail
real estate - both in Macerich's own shopping centers and in other properties.
Forever 21 prevailed in the auction of Mervyns' leaseholds held Dec. 10, 2008,
and, along with Kohls, claimed 22 of the locations owned by Macerich.
"Forever 21 is a very strong player in today's changing retail landscape
and will add considerable value to the recycled Mervyns sites that we
acquired," said Randy Brant, Executive Vice President, Macerich Real Estate.
"This retailer has taken very innovative steps in growing its brand, securing
the markets that offer opportunity for growth and matching their merchandise
and experience to what consumers are looking for."
The first phase of openings of Forever 21 at Macerich-owned centers
include:
-- The Mall of Victor Valley in Victorville, CA opening 2/26
-- Northridge in Salinas, CA opening 3/6
-- South Towne Center in Sandy, UT opening 3/6
-- Arrowhead Towne Center in Glendale, AZ opening 3/27
-- Lakewood Center in Lakewood, CA opening 3/27
-- Montebello Town Center in Montebello, CA opening 3/27
Locations to open in the first phase not in Macerich-owned centers are:
Mall Del Norte in Laredo, TX; Tucson Mall in Tucson, AZ; Crossroads Plaza in
Calexico, CA; Valle Vista Mall in Harlingen, TX; and Antelope Valley Mall in
Palmdale, CA.
"Our business is primed to execute significant growth this year in these
large-format spaces," said Christopher Lee, Senior Vice President, Forever 21.
"This is an opportune time for our brand to get into some of the best markets
and key shopping centers in the West."
Forever 21 is pursuing an aggressive opening schedule, with the new stores
expected to open throughout 2009.
Macerich is a fully integrated self-managed and self-administered real
estate investment trust, which focuses on the acquisition, leasing,
management, development and redevelopment of regional malls throughout the
United States. The company is the sole general partner and owns an 87%
ownership interest in The Macerich Partnership, L.P.Macerich now owns
approximately 77 million square feet of gross leaseable area consisting
primarily of interests in 72 regional malls. Additional information about
Macerich can be obtained from the Company's Web site at www.macerich.com.
SOURCE Macerich
CONTACT: Anita Walker of Macerich, +1-602-953-6563
Web Site: http://www.macerich.com
